Brex Inc.
Company History
Brex History: Founding, Growth & Key Milestones
Founded 2017 in San Francisco, California
When was Brex founded?
Brex was founded in 2017 in San Francisco, California by Pedro Franceschi and Henrique Dubugras, making it 9 years old.
- Founded
- 2017
- Founding place
- San Francisco, California
- Founders
- Pedro Franceschi and Henrique Dubugras
- Headquarters today
- San Francisco, California, United States
- Milestones documented
- 10 (2017–2026)
- Current CEO
- Pedro Franceschi
- Acquisitions
- 3
| Year | Event |
|---|---|
| 2017 | Founded during Y Combinator |
| 2018 | Launch, $50M Series B and $1.1B valuation |
| 2019 | $2.6B valuation led by Kleiner Perkins |
| 2020 | Three acqui-hires and a $150M extension |
| 2021 | Bank charter bid, Weav deal and $12.3B valuation |
| 2022 | Empower launch, Pry deal and small business exit |
| 2023 | Silicon Valley Bank deposits |
| 2024 | 20% layoff and end of the co-CEO model |
| 2025 | Enterprise growth, EU licence and return to San Francisco |
| 2026 | Acquired by Capital One for $5.15B |
- Where was Brex founded?
- Brex was founded in San Francisco, California in 2017.
- Who founded Brex?
- Brex was founded by Pedro Franceschi and Henrique Dubugras.
- When did Brex start?
- Brex was founded in 2017.
- How old is Brex?
- Brex is 9 years old as of 2026.
Founding Story
Henrique Dubugras and Pedro Franceschi met as teenagers in Brazil and built Pagar.me, an online payments processor, which they sold to Stone in 2016. Both then enrolled at Stanford, and left to join Y Combinator's Winter 2017 batch with a virtual reality startup. Three weeks into the programme they dropped the idea. They had found it hard, as foreign founders with no US credit history, to get a corporate card, and decided to build one for startups. Brex was founded on January 3, 2017.
Founders
Pedro Franceschi
Franceschi enrolled at Stanford in 2016 and left with Dubugras for Y Combinator's Winter 2017 batch, where the pair dropped a virtual reality idea three weeks in and started Brex. As the internal co-CEO he led product and engineering and built the company's financial infrastructure, including the direct Mastercard integration that lets Brex issue local cards in more than 50 countries. He led the January 2024 restructuring that cut 282 jobs and became sole CEO on June 12, 2024. Sacra estimates revenue then grew about 50% in the year to August 2025. Franceschi negotiated the $5.15 billion sale to Capital One and continues to run Brex inside the bank, reporting to Capital One executive Frank LaPrade. Pedro Franceschi was born in 1996.
Henrique Dubugras
Dubugras enrolled at Stanford in 2016 and left for Y Combinator in early 2017, co-founding Brex that January. As the external co-CEO he led fundraising, managed relationships with banking partners and regulators, and personally sold to the company's largest customers. Brex raised about $2.3 billion in equity as an independent company and reached a $12.3 billion valuation on a $300 million round agreed in October 2021. When the co-CEO structure ended on June 12, 2024, Dubugras became chairman of the board, saying Brex remained his only focus. Henrique Dubugras was born in 1995.
Key Milestones
Founded during Y Combinator
Henrique Dubugras and Pedro Franceschi founded Brex on January 3, 2017, after dropping a virtual reality idea three weeks into Y Combinator's Winter 2017 batch. Ribbit Capital led a $7 million first round.
Source: en.wikipedia.orgLaunch, $50M Series B and $1.1B valuation
Brex raised a $50 million Series B in June 2018 from Y Combinator Continuity, Ribbit Capital, Peter Thiel and Max Levchin, passed 1,000 customers by August and reached a $1.1 billion valuation with a $125 million Series C in October.
Source: en.wikipedia.org$2.6B valuation led by Kleiner Perkins
A $100 million Series C-2 led by Kleiner Perkins in June 2019 valued Brex at $2.6 billion. Brex also launched Brex Cash, now the Brex Business Account, that year.
Source: en.wikipedia.orgThree acqui-hires and a $150M extension
Brex bought Neji, Compose Labs and Landria in March 2020, adding 12 people, and raised a $150 million Series C extension in May as a cushion against a long recession.
Source: techcrunch.comBank charter bid, Weav deal and $12.3B valuation
Brex applied for a Utah industrial bank charter in February and withdrew it in August, raised $425 million at $7.4 billion in April, bought Weav for $50 million in August, went headquarterless, and agreed a $300 million round at $12.3 billion in October.
Source: en.wikipedia.orgEmpower launch, Pry deal and small business exit
Brex launched Brex Empower in April with DoorDash as a customer, bought Pry Financials for $90 million, left the small business market in June and laid off 136 people in October.
Source: en.wikipedia.orgSilicon Valley Bank deposits
Brex took in billions of dollars of deposits from Silicon Valley Bank customers on March 9, 2023, the day before the bank collapsed.
Source: en.wikipedia.org20% layoff and end of the co-CEO model
Brex cut 282 jobs on January 23, 2024, ranked fourth on CNBC's Disruptor 50 list in May, and on June 12 made Franceschi sole CEO, with Dubugras becoming chairman.
Source: techcrunch.comEnterprise growth, EU licence and return to San Francisco
Brex said enterprise revenue grew 80% in 2024, won an EU payment institution licence in August 2025, leased about 100,000 square feet in San Francisco, and turned operating-cash-flow positive in October, according to Sacra.
Source: brex.comAcquired by Capital One for $5.15B
Capital One announced the cash-and-stock acquisition on January 22, 2026, and completed it on April 7. Pedro Franceschi stayed on as CEO.
Source: capitalone.comMajor Acquisitions
Neji, Compose Labs and Landria
2020Brex bought three small startups in March 2020: blockchain startup Neji, web publishing startup Compose Labs and internal database company Landria. All three were mainly hires; 12 people joined Brex in total.
Weav
2021Brex paid $50 million in August 2021 for Weav, a one-year-old Israeli startup that offered a universal API for commerce platforms. It was Brex's first significant acquisition.
Pry Financials
2022Brex bought Pry, a 10-person financial planning startup from San Francisco, for $90 million in April 2022. Pry's software handled budgeting, hiring plans, financial models and cash runway forecasts for founders.
Keep researching Brex
Brex Company History FAQ
When was Brex founded?
On January 3, 2017, by Henrique Dubugras and Pedro Franceschi, during Y Combinator's Winter 2017 batch.
Did Brex start as a credit card company?
No. The founders joined Y Combinator with a virtual reality startup and switched to corporate cards for startups about three weeks into the programme.
When did Brex become a unicorn?
In October 2018, when a $125 million Series C led by Greenoaks Capital, DST Global and IVP valued it at $1.1 billion, less than two years after founding.
What happened to Brex during the Silicon Valley Bank collapse?
Brex took in billions of dollars of deposits from Silicon Valley Bank customers on March 9, 2023, the day before the bank failed, CNBC reported.
Did Brex try to become a bank?
Yes. It applied for a Utah industrial bank charter and FDIC insurance in February 2021, naming former SVB executive Bruce Wallace as Brex Bank CEO, then withdrew the applications in August 2021, saying it would strengthen them and resubmit later.
When did Capital One buy Brex?
Capital One announced the $5.15 billion deal on January 22, 2026, and completed it on April 7, 2026.
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